Relevant thoughts
- Toxic assets…
- Let banks fail, says Nobel economist Joseph Stiglitz
- Toxic assets?
I read in the post Toxic assets…
I felt they should be called “corrupt assets”… Wikipedia defines “corruption” as…
~~~~ ” …Corruption, when applied as a technical term, is a general concept describing any organized, interdependent system in which part of the system is either not performing duties it was originally intended to, or performing them in an improper way, to the detriment of the system’s original purpose….” ~~~~
I find the approach correct and certainly the term 'corrupt assets' should be used instead of 'toxic assets', just an attempt to lull public opinion to accept the measures proposed, something along the lines, of what is meant by the phrase, .... to make the pill easier to swallow.
I will take it further that this crisis is not a hiccup of the system world economy but a much more fundamental issue, something intrinsic and inherent in global economies currently in force. Something equivalent to genetic.
They can not be anything else but corrupt or toxic, as their sole reason of their existence is the accumulation of assets, for individuals that already possess enormous assets. Beyond what real economies of real individuals require. The wealth out of the services and products, the world over, siphoned through the banks and all other economic institutions, its bulk filtered, into the pockets of this handful of individuals.
Money goes to money. In a few words corruption or even toxicity is and it will continue to be the end result of such economies. Stimulus or anything of the sort, a pure waste.
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